Watch the one minute highlights of election night in the US as voters returned
Barack Obama to the Whitehouse.

The nationwide popular vote remained extremely close with Mr Obama taking about 50 per cent to 49 per cent for Mr Romney after a campaign in which the candidates and their party allies spent a combined $2 billion.

President Obama scored impressive victories in the crucial state of Ohio and heavily contested swing states of Virginia, Nevada, Iowa and Colorado.

They carried the Democrat past the 270 electoral votes needed for victory in America's state-by-state system of choosing a president, and left Mr Romney's senior advisers shell-shocked at the loss.

Mr Obama, America's first black president, won by convincing voters to stick with him as he tries to reignite strong economic growth and recover from the worst recession since the Great Depression of the 1930s. An uneven recovery has been showing some signs of strength but the country's 7.9 per cent jobless rate remains stubbornly high.

Speaking to supporters in Chicago, following Mr Romney conceding the election by phone, Mr Obama pledged to work with Democratic and Republican leaders to cut the federal deficit, fix the tax code, reform immigration and reduce the nation's dependence on foreign oil.

"You elected us to focus on your jobs not ours. And in the coming weeks and months I am looking forward to reaching out and working leaders of both parties to meet the challenges that we can only solve together. We've got more work to do," Mr Obama said.

Americans chose to stick with a divided government in Washington, by keeping the Democratic incumbent in the White House and leaving the US Congress as it is, with Democrats controlling the Senate and Republicans keeping the House of Representatives.

The administration now has a second chance to implement plans to create jobs and reduce the federal debt – issues that voters cited as priorities.

Mr Obama said "Whether I earned your vote or not I have listened to you, I have learned from you and I you have made me a better President.

"And with your stories and your struggles, I return to the White House more determined and more inspired than ever about the work there is to do and the future that lies ahead."